Corcoran heard details of the agreement outlined by lawyers but said the issues were too complex to rule on without documents and more lengthy explanations.

Bryan, former part owner of the Orlando Magic basketball franchise, filed for liquidation of his assets last year under Chapter 7 of the U.S. Bankruptcy Code. He listed assets of $2.3 million and debts of $75.6 million.

In the settlement worked out between lawyers for Bryan and the trustee representing creditors, Bryan agreed to relinquish $1.25 million in profit from the sale of the Magic.

In return, Bryan's wife, Niki, would have received $215,000.

Two creditors, Halojo Inc., a pension fund, and Barnett Banks Inc. would have been paid a combined total of $810,000. A lawyer representing the trustee estimated that after taxes of $55,000, the state would net $170,000 for other creditors.